Glocalization (a portmanteau of globalization and localization) is the adaptation of international products around the particularities of a local culture in which they are the sale.
Understanding, What is Glocalization? by Meaning, Definition!
The process allows the integration of local markets into world markets. “Products or services design to benefit a local market. While at the same time being developed and distributed on a global level. Glocalization is a mixture of and the result of combining the words globalization and localization.” Learn, The Difference between Revaluation and Realization Account.
Meaning of Glocalization!
Globalization is one of the most important phenomena of the recent past and the future. The term “Globalization” describes an ongoing process by which regional economies, societies, and cultures are becoming more integrated. Through a dramatic increase in the global network of technological, economic, political, and cultural exchanges. In specifically economic contexts, the term refers to the integration of national economies into the international economy through trade. Particularly trade liberalization or free trade, foreign direct investment, capital flows, migration, and the spread of technology.
This worldwide phenomenon of interaction among the countries is driven largely by advances in communication, transportation, and legal infrastructure. As well as the political choice of countries to open cross-border links in international trade and finance. Due to many difficulties that a globalization strategy faces another term has been full-blown in recent years calls “Glocalization”. In contrast to globalization, the glocalization strategy, which means thinking globally but acting locally, is a more modern and different approach.
The term “Glocalization”, had become a buzzword in the business world in 2000. Describes a historical process whereby the local is integrated into the global. This means that localities develop economic and also cultural relationships with the global system through information technologies. Bypassing and subverting traditional power hierarchies like national governments and markets including. Cultures clash with newly introduce cultural concepts, ideologies, and practices. So put simply, globalization is a move toward centralization, while glocalization is a move toward decentralization.
Definition of Glocalization!
Glocalization is a combination of the words “globalization” and “localization” and emphasizes the idea that a product or service is full-blown and distributed globally is more likely to succeed. If it is adapted to the specific requirements of local practices, legislation, fiscal regime, socio-political system, cultural expectations, local laws, customs,and consumer preferences. Why do Small Businesses need Corporate Retreats Good for Productivity?
Today it is possible to understand by glocalization the intelligent adoption of concepts and ideas to the local and regional needs. Instead of having the same products and solutions everywhere. The concept of global localization explains the interactions between global and local dimensions in any strategy like political governance strategies. Business marketing strategies, media and communication strategies, and so on. Globalization also explains the failure of some strong strategies, as they don’t consider the effect of cultural diversity and the strength of local dimensions. It stands more considered as the creation or distribution of products or services intended for a global or trans-regional market but customized to suit local laws or culture.
Reference
1. What is it? – //en.wikipedia.org/wiki/Glocalization, //www.businessdictionary.com/definition/glocalization.html 2. Meaning and Definition – //www.mbaknol.com/international-business/glocalization-definition-advantages-and-disadvantages/ 3. Photo Credit URL – //www.theoldmillpitlochry.co.uk/images/offer2.jpg